OPTIONS (KHIYARAT) IN ISLAMIC LAW OF CONTRACT: AN APPRAISAL OF THE DETERMINATION OF MUTUAL CONSENT (TARADHI) OF THE CONTRACTING PARTIES
Abstract
Ordinarily, In Islamic law of contract, the normal way of consenting to commercial contracts is through offer and acceptance by the contracting parties, which formally signifies the consent of the parties. This is decreed by the verse in the Glorious Qur’an, surah al-Nisa which says that “O you, who believe, devour not your property among yourselves by unlawful means except that it is trading by your mutual consent.” In the same vein, Islamic law provides khiyārāt (options), are regarded as the right ordained for the contracting parties to either accomplish or dissolve a contract. Therefore, using the doctrinal research methodology, the research explore the right of options (khiyārāt) as a mechanism of the determination of the Mutual consent (Taraḍῑ) of the contracting parties under Islamic law. The research found that apart from offer and acceptance in a contract, the parties can use khiyarat (options) as a means for the determination of the consent of the parties in the contract. The research recommended that: parties to a contract can utilize or insert the mechanisms of khiyarat options in a particular contract as another way of ascertaining the consent or otherwise
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